According to bloomberg, given the continuing low interest rate and the improving job market, the drop was somewhat surprising, although it explains why builders like D.R. Horton Inc. are offering more lower-priced homes.
Ryan Sweet, senior economist at Moody’s Analytics Inc. said, “We had a string of poor economic data that may have weighed on sentiment. The fundamental drivers of housing demand support a pickup in the second half. Builders’ collective psyche remains fairly solid.”
Builders’ gauge of prospective buyers fell one point to 39; the index of current single-family home sales slipped two points to 59, while builders’ outlook for the coming six months rose a point to 64.
Regionally, MHProNews has learned, the West gained one point to 56, the gauges for the South and Northeast did not change, while the Midwest fell to 51 this month from 55. ##
(Photo credit: comstockpremium)
